IL DHS Form IL444-2378B 2014 free printable template
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Hi everyone my name is Dan this very important training videos brought to you by wealth care consultants so the question today is what are the Illinois Medicaid eligibility guidelines well here's what you'll learn in today's video number one what is medical eligibility what is income eligibility what is asset eligibility three categories of assets and where to go for help so what's the big myth well myth number one is you have to be poor in order to be eligible for Illinois Medicaid the second myth is you have to go broke to be eligible in other words you have to spend down your life savings to be eligible for Illinois Medicaid well the fact remains that unless you totally comprehend how this government assistance plan works you may need less lose your home and drain your retirement savings indeed on the other hand when you learn the Illinois medicaid eligibility rules and apply them to your circumstances you will most likely qualify for this long-term care benefit so let's review the important eligibility rules to Medicaid, so you know exactly where you stand first anyone wanting to apply for Illinois Medicaid has to initially meet one of the following conditions you have to be 65 or older you have to be disabled, or you have to be blind now if you meet at least one of the above conditions then you pass the first test however passing the next steps is what trips most people up remember that Medicaid is a federal program administered at the state level because of this each state and even possibly each county can and will interpret the rules differently as crazy as it sounds each state actually does have the power to interpret the federal rules and then create their state rules so let's cover the basics at the federal level so how much income can you have and still qualify well the first consideration is based on marital status in other words how much income a person applying for Medicaid can have depends on whether they're single or married and let's look at a single person case first the current maximum amount of monthly income for a single person is approximately 2022 dollars per month if you're in more than that then you're not qualified however if your income is above the maximum limit don't worry because there are approved Illinois strategies you can implement and still be eligible to receive Medicaid unfortunately most families are simply not aware of these strategies and end up paying for long-term care out of their pocket now married couples are offered much more favorable terms so in a nutshell the well spouse at home is entitled to a minimum monthly income between 1750 and 2739 per month now this number is based on a Medicaid term called the minimum monthly maintenance needs allowance okay so how many assets can you have and still qualify well now that we did cover the income rules let's shift our attention to the asset rules for Illinois Medicaid eligibility there are three categories of assets number one excluded assets the most...
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